Monthly rent increases by 2.4% over the past 12 months
With such uncertain times ahead for the UK with Brexit on the horizon and more and more legislation and procedures coming in to place for landlords there now is at least a slight bit of good news for landlords across the country. The average rent has risen by 2.4% since August last year according to the HomeLet Rental Index, which is the highest annual inflation since November 2016. The average rent across the UK is now £939pcm. In the South East the average rent went up by £3 from July to August 2017 to £1,028 per month and remains the second most expensive region to live in the UK, behind Greater London.
The South East looks to of stabilised, for the time being, as we have seen a 0.2% decrease compared to August 2016. Although 17.9% of landlords surveyed by the HomeLet Rental Index said they would be putting their rents up in the next 6 months and a further 18.7% in the next year. This is mainly down to change in tax relief and landlords needing to make their investments more financially efficient.
Although rental increases may be more in other areas of the country, Brighton is seeing healthy growth in the capital appreciation with a £13,754 increase in price according to Zoopla, a 3.58% increase. The area is still very desirable and people are looking to move to the city no matter if it is rented or privately owned.
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